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Don’t Let Health Drain Your Wealth

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Most of us are so intent on building money stockpiles and buying assets that we neglect the most important asset of all – our health. Although it is such an important part of our life, we sadly do not take much care of it nor do we keep ourselves prepared for any unexpected health issues. India is one of the many countries where health insurance takes a backseat and most people rely on cash when they need to use hospital services.

Don’t Let Health Drain Your Wealth

Some people are blessed with good to moderate health conditions so large medical, surgery, outpatient, medical equipment and other hospitalization charges do not feature in their monthly budgets. Some people, however, suffer from chronic to critical illnesses such as cardiac problems, cancer, kidney failure, etc. Such people usually see large bills and must have proper medication regularly in order to lead a normal and risk-free life. There are health insurance policies for all kinds of people. Remember, even the healthy people may fall ill unexpectedly and then the value of a good health insurance will be fully revealed.

The main kinds of bills covered by a health insurance are:

  • Ward/bed charges of the patient
  • Costs of surgeries, procedures, etc.
  • Daily cash requirements
  • Costs for recovering patients or those in convalescence
  • Home care of domiciliary care for patients who cannot be hospitalized
  • Other applicable costs before and after being hospitalized
  • Costs of medicines, injections, bandages and other medical items required for the patient.

A very important reason why everyone should get a health insurance is that it is tax deductible under section 80 (D).

Initially, Mediclaim was the only health insurance provider in India and the focus was on the patient only. Now-a-days, apart from patients-centric policies, you also have floating or inclusive policies that include the family members of the person insured.

You can opt for the cashless facility wherein the person hospitalised doesn’t have to pay anything out of his/her pocket; the insurance company settles the bills directly with the hospital. The other option is the patient claims the money spent in a hospital from the insurance company after he has paid for everything himself. The last option, known as the top-up option, has insurance companies stepping in when the employer-provided insurance is not sufficient to cover the medical bills.